SES Global S.A., the world's premier satellite operator, has announced that it had acquired a 9% ownership stake in Orbcomm Inc., a US-based provider of global satellite data services to industrial, military and commercial clients.
While the financial terms of the transaction remain confidential, SES will join the Orbcomm Board of Directors, provide strategic guidance, and, potentially, assist Orbcomm in the further development and operation of the existing low earth orbit (LEO) satellite telecommunications network and develop certain applications and services associated with SES's own business.
SES Global's investment is part of a new $26.000.000 equity financing by Orbcomm. Other investors include OHB Technology A.G. ("OHB"), a leading European space technology company and part of the Fuchs-Gruppe, and a group of financial investors.
Robert Bednarek, Executive Vice President of Corporate Development at SES Global, observes: "Orbcomm provides SES a unique opportunity to participate in the growing market for global, satellite-based fixed and mobile data services.
Orbcomm's well- developed, low cost terminal equipment and service offerings fill the needs of many enterprise and government customers we do business with today. We believe that SES's expertise in satellite infrastructure and operations can accelerate Orbcomm's growth."
"Securing funding from SES, OHB and our other investors will increase the impact that Orbcomm will have in its markets and with its global customers," said Don Franco, co-CEO of Orbcomm. "The support of our strategic investors endorses our business model and cements our position as the leader in this emerging industry."
